U.K. Financial Conduct Authority Drives Out Business And Hurts Consumers

The Financial Conduct Authority groups bitcoin with all other cryptoassets under its restricted mass market investments label. That blanket classification treats bitcoin, which has a fixed supply and no central issuer, alongside tokens such as meme coins that can be created in minutes with no obligation to disclose insider holdings or governance.

The effects on UK businesses and consumers include PayPal, CoinCorner and Skrill adjusting or withdrawing their UK services, banks restricting access for digital asset firms, and consumers being pushed towards offshore platforms. The article compares the UK with the US, UAE and Singapore, and proposes recognising bitcoin as distinct, applying stronger oversight to speculative tokens and supporting reputable businesses. Charlie Morris of ByteTree, David Parkinson of Musqet and Sam Roberts of Cartwright Pension Trusts comment.